Here’s yet another effect of California’s abysmal Proposition 13, the “People’s Initiative to Limit Property Taxation.” What you’ve got is unregistered LBJ-era Chevrolet Bel Airs sucking up valuable real estate in name-brand neighborhoods for the simple reason that it doesn’t cost the owner all that much money to just carry on.

This is a misallocation of resources, this is inefficient, this is Proposition 13.